Six Flags 2Q net income more than doubles

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Associated Press

Posted on July 24, 2012 at 8:24 AM

GRAND PRAIRIE (AP) - Increased attendance and more money made from ticket sales and sales in its amusement parks gave a lift to Six Flags Entertainment Corp.'s second-quarter results as its net income more than doubled.

The amusement park operator said Tuesday that it earned $72.3 million, or $1.27 per share, for the three months ended June 30. A year earlier the Grand Prairie, Texas company earned $35 million, or 62 cents per share.

The year-ago period was weighed down by a higher interest expense and depreciation expense, a bigger loss on asset sales and a larger restructuring charge.

Wall Street forecast earnings of 62 cents per share.

Revenue rose 11 percent to $374.9 million from $338.7 million as Six Flags made more money from ticket sales, food and merchandise sales and lodging.

The performance beat the $351.7 million that analysts surveyed by FactSet predicted.

Six Flags emerged from bankruptcy protection in April 2010.

Its shares rose 8 cents to $52.67 in premarket trading. They are near the upper end of their 52-week range of $24.72 to $55.07.

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